Mumbai : Den Networks has entered into a share purchase agreement (SPA) with Star India and Star Den for selling off its entire 50 per cent equity stake held in Star Den for a consideration of Rs 40.35 crore.
Den Networks has filed a BSE notification in the same matter.
Star Den, a leading content aggregator, was a joint venture between Star India and Den executed in January 2008, with both parties having equal holding. With the sale of the remaining 50 per cent stake in the network, Den Networks will lose all control and shares in Star Den entity.
The venture which was executed on January 14, 2008, was restated on May 26, 2011. On the completion of the share transfer to Star India, Den will not be a shareholder in Star Den and the joint venture among both parties will be terminated.
For the record, the Star Den and Zee Turner, two leading content aggregators, had walked out of the MediaPro, another joint venture in 2014, after carrying on with the deal for three years. The separation was forced by TRAI rules at the time.